StoneX Group Launches Subsidiary StoneX Digital LLC

StoneX Group Inc. (Nasdaq: SNEX), which owns major retail FX trading brands like Forex.com and City Index, announced on Wednesday that it launched StoneX Digital LLC, a subsidiary dedicated to providing institutional clients access to products and services related to digital assets.

According to the press release, Brian Mulcahy will lead the subsidiary. He previously served as the Managing Director of Multi-Asset Business Development at StoneX in 2021.

“StoneX is committed to providing our clients access to a wide array of markets, diverse asset classes and the tools necessary to interact with those markets effectively. We are thrilled that StoneX Digital will give institutional investors the ability to execute and custody cryptocurrencies just as they would any other asset class, with a company that has the resources and a client-first approach to help them achieve their goals. As our clients’ needs change in this developing market, StoneX Digital will continue to strive to meet those needs with innovative products and services,” Mulcahy commented.

StoneX Digital enables clients to interact with markets on their terms and trade and custody cryptocurrencies on their terms. StoneX Digital’s path to growth involves a range of products and services, including multi-asset coverage, staking, margin and cross-asset lending.

“StoneX has worked hard to create an environment where our clients have stable and reliable access to a wide variety of asset classes. We will bring that same ethos to the digital asset space as we work to provide our customers with the tools they need to thrive in today’s markets,” Mulcahy added.

StoneX Markets LLC executed and settled its first cash-settled BTC/USD swap last month. One of StoneX’s institutional FX clients, Liquidity Solutions Global, a London-based subsidiary of DriveWealth Holdings that provides liquidity to multiple cryptocurrency exchanges, was the counterparty to the transaction.

Moreover, the firm’s institutional FX division began offering USD cash-settled crypto swaps to institutional FX clients.